(Zero Hedge) “Thousands of new doors opened and rents soared. This created a bubble, and like housing, that bubble has now burst.”
– Richard Hayne, Urban Outfitters CEO, March 2017
The devastation in the US retail sector is accelerating in 2017, and in addition to the surging number of brick and mortar retail bankruptcies, it is perhaps nowhere more obvious than in the soaring number of store closures.
While the shuttering of retail stores has been a frequent topic on this website, most recently in the context of the next “big short”, namely the ongoing deterioration in the mall REITs and associated Commercial Mortgage-Backed Securities and CDS, here is a stunning fact from Credit Suisse:“Barely a quarter into 2017, year-to-date retail store closings have already surpassed those of 2008.”
According to the Swiss bank’s calculations, on a unit basis, approximately 2,880 store…
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